H1 2026
Filed Sep 24, 2026Record first half revenue of $1.55 million, up 438%, at a 61% gross margin, all generated by the AME and Quantum segment in its first 86 days after being acquired by QTREX.
The acquired AME and Quantum business generated record revenue and approximately 61% gross margin, but QTREX reported a $6.4 million net loss, $3.9 million of operating cash use, and no quantitative 2027 financial outlook.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | $1.55 million | – | approximately 438% |
| Product revenueother | $1.24 million | – | – |
| Services revenueother | $313,000 | – | – |
| Cost of revenuesother | (610) (U.S. dollars in thousands) | – | – |
| Gross profitother | $944,000 | – | – |
| Gross marginother | approximately 61% | – | – |
| Research and development expensesother | (4,760) (U.S. dollars in thousands) | – | – |
| General and administrative expensesother | (2,594) (U.S. dollars in thousands) | – | – |
| Sales and marketing expensesother | (545) (U.S. dollars in thousands) | – | – |
| Other income (expenses)other | 19 (U.S. dollars in thousands) | – | – |
| Operating lossother | $6.9 million | – | – |
| Interest income from depositsother | 22 (U.S. dollars in thousands) | – | – |
| Finance income (income), netother | 560 (U.S. dollars in thousands) | – | – |
| Loss before taxother | (6,354) (U.S. dollars in thousands) | – | – |
| Taxes on incomeother | - | – | – |
| Total comprehensive and net lossother | $6.4 million | – | – |
| Net loss per ordinary share, basic and dilutedother | $0.14 per share | – | – |
| Weighted average number of ordinary sharesother | 44,566,144 | – | – |
| Total operating expensesother | $7.9 million | – | – |
| Net cash used in operating activitiesother | $3.9 million | – | – |
| Net cash used in investing activitiesother | $2.0 million | – | – |
| Net cash provided by financing activitiesother | $13.5 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AME and QuantumAll revenue was generated in its first 86 days under QTREX following the acquisition on April 6, 2026. Revenue included sales of AME systems, proprietary inks, other consumables and spare parts, plus installation, training, support and maintenance services. | $1.55 million | – | – |
| Medical TechnologyThe segment carries corporate and public company costs, accounted for the remaining $5.5 million of operating loss, and the Company continues to pursue transactions to monetize its medical technology assets. | no revenue | – | – |
fourth quarter of 2026 / 2027 outlook
- NoteThe Company expects the fourth quarter of 2026 to be its most active commercial period to date.
- NoteThe Company expects to announce additional commercial agreements during the quarter.
- NoteThe Company expects to provide a financial outlook for 2027 that reflects a substantially larger business.
- NoteThe Company is targeting formalization of the collaboration with a U.S. national laboratory during the quarter, subject to the laboratory’s review and approval process.
What drove it
- QTREX completed the AME platform acquisition on April 6, 2026 for $2.0 million in cash at closing.
- The AME and Quantum segment generated all first-half revenue in its first 86 days under QTREX.
- Gross margin reflected the mix of systems, consumables and services recognized during the period.
- One of the largest U.S. interconnect manufacturers moved its AME system from development to production following a validation program in which the manufacturing process achieved a 97% yield.
- The Company received a commercial order for customized shielded RF monolithic components from a leading government-owned international company and began production.
- INSU300 and a dedicated AME system were launched on September 23, 2026, with initial validation deployments at two government and defense organizations.
Concerns
- The year-over-year revenue comparison reflects the addition of the acquired business.
- The Company reported a $6.4 million net loss and a consolidated operating loss of $6.9 million.
- The Medical Technology segment recorded no revenue and accounted for the remaining $5.5 million of operating loss.
- Additional commercial agreements and the U.S. national laboratory collaboration remain expected or targeted rather than completed.
- The Company provided no quantitative 2027 financial outlook.
What to watch
- Announcement of additional commercial agreements during the fourth quarter of 2026.
- Provision of the Company’s 2027 financial outlook during the fourth quarter of 2026.
- Formalization of the collaboration with a U.S. national laboratory, subject to the laboratory’s review and approval process.
- Conversion of INSU300 validation deployments into commercial use, expanded installations and material sales.
- Progress in technical and commercial discussions with quantum computing companies and transactions intended to add established revenue and manufacturing capability.
Balance sheet and cash flow
- Cash, cash equivalents and deposits: $10.7 million at June 30, 2026, compared with $3.2 million at December 31, 2025.
- Cash and cash equivalents: 10,666 (U.S. dollars in thousands) at June 30, 2026, compared with 3,159 (U.S. dollars in thousands) at December 31, 2025.
- Accounts receivable: 825 (U.S. dollars in thousands) at June 30, 2026, compared with - at December 31, 2025.
- Other current assets: 738 (U.S. dollars in thousands) at June 30, 2026, compared with 517 (U.S. dollars in thousands) at December 31, 2025.
- Inventory: 2,812 (U.S. dollars in thousands) at June 30, 2026, compared with 735 (U.S. dollars in thousands) at December 31, 2025.
- Total current assets: 15,041 (U.S. dollars in thousands) at June 30, 2026, compared with 4,411 (U.S. dollars in thousands) at December 31, 2025.
- Right of use assets, net: 2,742 (U.S. dollars in thousands) at June 30, 2026, compared with 478 (U.S. dollars in thousands) at December 31, 2025.
- Property, plant and equipment, net: 2,528 (U.S. dollars in thousands) at June 30, 2026, compared with 452 (U.S. dollars in thousands) at December 31, 2025.
- Total non-current assets: 5,270 (U.S. dollars in thousands) at June 30, 2026, compared with 930 (U.S. dollars in thousands) at December 31, 2025.
- Total Assets: 20,311 (U.S. dollars in thousands) at June 30, 2026, compared with 5,341 (U.S. dollars in thousands) at December 31, 2025.
- Trade accounts payable: 466 (U.S. dollars in thousands) at June 30, 2026, compared with 107 (U.S. dollars in thousands) at December 31, 2025.
- Contingent consideration liability: 996 (U.S. dollars in thousands) at June 30, 2026, compared with - at December 31, 2025.
- Deferred revenue: 1,004 (U.S. dollars in thousands) current and 196 (U.S. dollars in thousands) non-current at June 30, 2026.
- Other accounts payable: 3,519 (U.S. dollars in thousands) at June 30, 2026, compared with 1,349 (U.S. dollars in thousands) at December 31, 2025.
- Lease liabilities: 1,545 (U.S. dollars in thousands) current and 1,249 (U.S. dollars in thousands) non-current at June 30, 2026.
- Financial liabilities at fair market value: - at June 30, 2026, compared with 1,082 (U.S. dollars in thousands) at December 31, 2025.
- Total current liabilities: 7,530 (U.S. dollars in thousands) at June 30, 2026, compared with 2,824 (U.S. dollars in thousands) at December 31, 2025.
- Royalty-bearing grant liability: 597 (U.S. dollars in thousands) at June 30, 2026, compared with - at December 31, 2025.
- Total non-current liabilities: 2,042 (U.S. dollars in thousands) at June 30, 2026, compared with 194 (U.S. dollars in thousands) at December 31, 2025.
- Total Shareholders’ Equity: 10,739 (U.S. dollars in thousands) at June 30, 2026, compared with 2,323 (U.S. dollars in thousands) at December 31, 2025.
- Total Liabilities and Shareholders’ Equity: 20,311 (U.S. dollars in thousands) at June 30, 2026, compared with 5,341 (U.S. dollars in thousands) at December 31, 2025.
- Operating cash flow included a $2.1 million increase in other accounts payable, a $573,000 increase in accounts receivable and a $443,000 decrease from sale of inventory during the period.
- On August 20, 2026, the Company sold 11,111,111 ordinary shares at a purchase price of $0.90 per share, raising approximately $10 million in gross proceeds and approximately $9.2 million net of offering costs. These proceeds are not included in the June 30 cash balance.
Analysis
QTREX reported $1.55 million of first-half revenue, compared with $289,000 in the first half of 2025, and stated that revenue was up approximately 438%. The entire revenue base came from the AME and Quantum segment during its first 86 days under QTREX after the April 6, 2026 acquisition. Product revenue was $1.24 million and services revenue was $313,000. Consolidated gross profit was $944,000 and gross margin was approximately 61%, with the Company attributing the margin to the recognized mix of systems, consumables and services.
Profitability remained negative as the business was being integrated. Total operating expenses were $7.9 million compared with $7.2 million in the first half of 2025, primarily reflecting research and development expenses associated with the acquired AME and Quantum operations. The AME and Quantum segment recorded $2.4 million of operating expenses and a $1.4 million operating loss, while Medical Technology had no revenue and accounted for the remaining $5.5 million of operating loss. Consolidated operating loss was $6.9 million and net loss was $6.4 million, or $0.14 per share.
Liquidity increased materially following financing activity. Cash, cash equivalents and deposits were $10.7 million at June 30, 2026, compared with $3.2 million at December 31, 2025. Net cash used in operating activities was $3.9 million compared with $5.1 million in the first half of 2025, while investing cash use of $2.0 million primarily reflected the AME and Quantum acquisition. Financing activities provided $13.5 million during the period. A further August 20, 2026 registered direct offering raised approximately $10 million in gross proceeds and approximately $9.2 million net of offering costs, which were not included in the June 30 cash balance.
Commercial execution is the central near-term focus. QTREX cited production transition at an interconnect manufacturer after a 97% manufacturing-process yield, a commercial order for customized shielded RF monolithic components, and the September 23, 2026 launch of INSU300 and a dedicated AME system. The company expects the fourth quarter of 2026 to be its most active commercial period to date, including additional commercial agreements and a 2027 financial outlook. However, that outlook contains no quantitative revenue, margin, expense, or tax targets, and the targeted U.S. national laboratory collaboration remains subject to review and approval.
Management, verbatim
With INSU300, we launched the material and the dedicated system on the timetable we set. The initial deployments at two government and defense organizations are for validation within their own systems. For future commercial deployments, our model is to provide the system and sell the material customers consume.
Dagi Ben-Noon, Chief Executive Officer of QTREX
I expect to announce additional commercial agreements during the fourth quarter, when we will also provide our 2027 financial outlook describing a substantially larger business than the one we report today.
Dagi Ben-Noon, Chief Executive Officer of QTREX
Not in the filing
stated, not guessed- Accounting framework designation for the financial statements
- Non-GAAP revenue, gross profit, operating income, net income, or EPS metrics
- Free cash flow
- Dividend and share-repurchase information
- Quantitative fourth-quarter 2026 guidance for revenue, gross margin, operating expenses, or tax rate
- Quantitative 2027 guidance for revenue, gross margin, operating expenses, or tax rate
- Prior-quarter comparisons for reported metrics
- Prior-year segment revenue and segment growth rates
- Conventional debt balance or net debt figure
- Cash flow from capital expenditures
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.